FairMoney has shared seven ways Nigerians can make their money last until payday.
NewsOnline Nigeria reports that FairMoney Microfinance Bank has outlined seven practical money management strategies to help Nigerians control spending, build savings and reduce financial pressure before their next payday.
FairMoney Microfinance Bank has highlighted the importance of budgeting, disciplined spending and consistent savings as Nigerians navigate rising living costs and competing financial responsibilities.
In a personal finance guide titled “Seven Ways to Make Your Money Last Until Payday,” Osasikemwen Ighile, Brand Manager at FairMoney Microfinance Bank, advised consumers to adopt practical financial habits that can help them manage their income more effectively.
The guide noted that expenses such as transportation, food, data subscriptions, family responsibilities and unexpected bills can make it difficult for many earners to stretch their salaries throughout the month.
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According to Ighile, managing money does not necessarily require giving up every leisure activity but calls for planning ahead, understanding spending priorities and making deliberate financial decisions.
One of the recommendations is to prepare a budget that assigns specific amounts to essential expenses, including rent, food, transportation, electricity, airtime and data, while making provision for savings, family support and personal spending.
The guide also encouraged consumers to save immediately after receiving their salaries rather than waiting until the end of the month. It noted that setting aside a manageable amount consistently can help individuals work towards goals such as paying rent, building an emergency fund, covering school fees or purchasing essential items.
Ighile further recommended dividing the money available for everyday expenses into weekly spending limits after settling essential bills and setting aside savings.
According to the guide, this approach can help consumers monitor their spending, identify overspending early and make adjustments before exhausting their monthly income.
Another recommendation is to monitor small, frequent expenses that may appear insignificant individually but can accumulate over time. These include food deliveries, snacks, ride-hailing upgrades, additional airtime and unused subscriptions.
The guide advised consumers to review their transaction records regularly to understand their spending patterns and identify areas where they could reduce unnecessary expenses.
It also encouraged meal planning and preparing shopping lists before visiting markets or grocery stores to avoid unnecessary purchases. Consumers were advised to compare prices and consider buying frequently used items in bulk where doing so offers genuine savings.
On bill management, Ighile urged consumers to prioritise essential payments and review recurring subscriptions to identify services they rarely use. Cancelling or downgrading unnecessary subscriptions, the guide noted, could free up money for more important financial commitments.
FairMoney customers can also use eligible services on the platform to pay bills, purchase airtime and data, and manage other transactions, subject to service availability and applicable terms and conditions.
The final recommendation focused on building an emergency fund to cover unexpected expenses such as urgent travel, medical bills, phone repairs and family emergencies.
The guide advised consumers to keep emergency savings separate from their regular spending money and replenish the fund when possible. Such a financial buffer, it noted, can help prevent unexpected expenses from disrupting an entire month’s budget.
Ighile emphasised that making money last until payday is not about eliminating every enjoyable experience but about developing sustainable financial habits, including budgeting before spending, saving consistently, monitoring expenses and preparing for emergencies.
The recommendations form part of broader personal finance guidance aimed at helping consumers make informed spending decisions and improve their financial resilience.
